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[Form 4] Carvana Co. Insider Trading Activity

Filing Impact
(High)
Filing Sentiment
(Very Negative)
Form Type
4
Rhea-AI Filing Summary

Carvana (NYSE:CVNA) filed a Form 4 disclosing that 10% owner Ernest C. Garcia II converted 54,971 Class A units into Class A shares on 24-25 Jun 2025 and immediately sold the same amount at $325-$327 under a pre-scheduled Rule 10b5-1 plan, generating roughly $18 million in proceeds.

To effect the exchange, an equivalent number of Class B shares were cancelled. After the transactions, Garcia holds 36.84 M Class B shares directly and 46.05 M Class A-equivalent units (personal & via ECG II SPE, LLC), but no Class A shares directly.

  • The sale represents well below 1% of Garcia’s economic interest, leaving voting control unchanged.
  • No company cash outflow or dilution to public shareholders; shares sold were already part of the float.

Carvana (NYSE:CVNA) ha presentato un Modulo 4 comunicando che Ernest C. Garcia II, proprietario del 10%, ha convertito 54.971 unità di Classe A in azioni di Classe A il 24-25 giugno 2025 e le ha immediatamente vendute per lo stesso quantitativo a 325-327 dollari nell'ambito di un piano predefinito secondo la Regola 10b5-1, generando circa 18 milioni di dollari di ricavi.

Per effettuare lo scambio, un numero equivalente di azioni di Classe B è stato cancellato. Dopo le operazioni, Garcia detiene direttamente 36,84 milioni di azioni di Classe B e 46,05 milioni di unità equivalenti di Classe A (in proprio e tramite ECG II SPE, LLC), ma nessuna azione di Classe A direttamente.

  • La vendita rappresenta meno dell'1% dell'interesse economico di Garcia, mantenendo invariato il controllo di voto.
  • Non vi è uscita di cassa per la società né diluizione per gli azionisti pubblici; le azioni vendute facevano già parte del flottante.

Carvana (NYSE:CVNA) presentó un Formulario 4 informando que Ernest C. Garcia II, propietario del 10%, convirtió 54,971 unidades de Clase A en acciones de Clase A el 24-25 de junio de 2025 y las vendió inmediatamente por la misma cantidad a $325-$327 bajo un plan preestablecido según la Regla 10b5-1, generando aproximadamente $18 millones en ingresos.

Para efectuar el intercambio, se canceló un número equivalente de acciones de Clase B. Tras las transacciones, Garcia posee directamente 36.84 millones de acciones de Clase B y 46.05 millones de unidades equivalentes a Clase A (personalmente y a través de ECG II SPE, LLC), pero ninguna acción de Clase A directamente.

  • La venta representa menos del 1% del interés económico de Garcia, manteniendo sin cambios el control de voto.
  • No hay salida de efectivo para la empresa ni dilución para los accionistas públicos; las acciones vendidas ya formaban parte del flotante.

Carvana (NYSE:CVNA)는 10% 지분 보유자인 Ernest C. Garcia II가 2025년 6월 24~25일에 54,971 클래스 A 유닛을 클래스 A 주식으로 전환하고, 사전에 계획된 Rule 10b5-1 계획에 따라 동일한 수량을 $325-$327에 즉시 매각했다고 Form 4를 통해 공시했습니다. 이로 인해 약 1,800만 달러의 수익을 창출했습니다.

교환을 위해 동등한 수의 클래스 B 주식이 취소되었습니다. 거래 후 Garcia는 직접 3,684만 클래스 B 주식과 4,605만 클래스 A 상당 유닛을 (개인 및 ECG II SPE, LLC를 통해) 보유하고 있으나, 직접 보유한 클래스 A 주식은 없습니다.

  • 이번 매각은 Garcia의 경제적 지분의 1% 미만으로, 의결권 통제에는 변화가 없습니다.
  • 회사 현금 유출이나 공공 주주에 대한 희석 효과는 없으며, 매각된 주식은 이미 유통 주식의 일부였습니다.

Carvana (NYSE:CVNA) a déposé un formulaire 4 révélant que Ernest C. Garcia II, propriétaire de 10%, a converti 54 971 unités de Classe A en actions de Classe A les 24 et 25 juin 2025, puis les a immédiatement vendues en même quantité à 325-327 $ dans le cadre d’un plan préétabli selon la règle 10b5-1, générant environ 18 millions de dollars de recettes.

Pour effectuer cet échange, un nombre équivalent d’actions de Classe B a été annulé. Après ces transactions, Garcia détient directement 36,84 millions d’actions de Classe B et 46,05 millions d’unités équivalentes de Classe A (en personne et via ECG II SPE, LLC), mais aucune action de Classe A directement.

  • Cette vente représente bien moins de 1 % de l’intérêt économique de Garcia, sans modifier le contrôle des droits de vote.
  • Aucun décaissement pour la société ni dilution pour les actionnaires publics ; les actions vendues faisaient déjà partie du flottant.

Carvana (NYSE:CVNA) reichte ein Formular 4 ein, das offenlegt, dass der 10%-Eigentümer Ernest C. Garcia II am 24.-25. Juni 2025 54.971 Class A Einheiten in Class A Aktien umwandelte und diese unmittelbar im Rahmen eines vorab geplanten Rule 10b5-1 Plans zum Preis von 325-327 USD verkaufte, wodurch er etwa 18 Millionen USD Erlös erzielte.

Zur Durchführung des Austauschs wurde eine entsprechende Anzahl von Class B Aktien storniert. Nach den Transaktionen hält Garcia direkt 36,84 Mio. Class B Aktien und 46,05 Mio. Class A-äquivalente Einheiten (persönlich und über ECG II SPE, LLC), jedoch keine Class A Aktien direkt.

  • Der Verkauf entspricht deutlich weniger als 1% von Garcias wirtschaftlichem Interesse und ändert die Stimmrechtskontrolle nicht.
  • Es gibt keinen Mittelabfluss für das Unternehmen und keine Verwässerung für die öffentlichen Aktionäre; die verkauften Aktien waren bereits Teil des Streubesitzes.
Positive
  • None.
Negative
  • 10% owner Ernest C. Garcia II sold approximately 54,971 Class A shares (~$18 million) via a Rule 10b5-1 plan, adding insider-sale pressure.

Insights

TL;DR: $18M sale tiny vs 46M-unit stake, minor sentiment risk.

The filing shows systematic conversion of partnership units into Class A shares and same-day disposal. Dollar value is material, but shares equal <0.1 % of Garcia’s aggregate interest, suggesting liquidity rather than thesis change. Class B cancellations preserve voting power; no new share issuance occurred. Nonetheless, ongoing dispositions by the founder can pressure perception in a momentum-driven name. Monitor future Form 4 cadence for trend acceleration.

TL;DR: Optical negative, fundamentally neutral.

With float exceeding 100 M, the 55 K-share sale should not affect supply-demand dynamics. Execution via 10b5-1 indicates pre-planning, mitigating insider-timing concerns. Sale price aligns with recent highs, possibly tax or diversification motivated. Retained dual-class structure continues to give Garcia outsized control, so corporate strategy remains intact. I view the impact on valuation negligible, but headline-driven volatility is plausible near term.

Carvana (NYSE:CVNA) ha presentato un Modulo 4 comunicando che Ernest C. Garcia II, proprietario del 10%, ha convertito 54.971 unità di Classe A in azioni di Classe A il 24-25 giugno 2025 e le ha immediatamente vendute per lo stesso quantitativo a 325-327 dollari nell'ambito di un piano predefinito secondo la Regola 10b5-1, generando circa 18 milioni di dollari di ricavi.

Per effettuare lo scambio, un numero equivalente di azioni di Classe B è stato cancellato. Dopo le operazioni, Garcia detiene direttamente 36,84 milioni di azioni di Classe B e 46,05 milioni di unità equivalenti di Classe A (in proprio e tramite ECG II SPE, LLC), ma nessuna azione di Classe A direttamente.

  • La vendita rappresenta meno dell'1% dell'interesse economico di Garcia, mantenendo invariato il controllo di voto.
  • Non vi è uscita di cassa per la società né diluizione per gli azionisti pubblici; le azioni vendute facevano già parte del flottante.

Carvana (NYSE:CVNA) presentó un Formulario 4 informando que Ernest C. Garcia II, propietario del 10%, convirtió 54,971 unidades de Clase A en acciones de Clase A el 24-25 de junio de 2025 y las vendió inmediatamente por la misma cantidad a $325-$327 bajo un plan preestablecido según la Regla 10b5-1, generando aproximadamente $18 millones en ingresos.

Para efectuar el intercambio, se canceló un número equivalente de acciones de Clase B. Tras las transacciones, Garcia posee directamente 36.84 millones de acciones de Clase B y 46.05 millones de unidades equivalentes a Clase A (personalmente y a través de ECG II SPE, LLC), pero ninguna acción de Clase A directamente.

  • La venta representa menos del 1% del interés económico de Garcia, manteniendo sin cambios el control de voto.
  • No hay salida de efectivo para la empresa ni dilución para los accionistas públicos; las acciones vendidas ya formaban parte del flotante.

Carvana (NYSE:CVNA)는 10% 지분 보유자인 Ernest C. Garcia II가 2025년 6월 24~25일에 54,971 클래스 A 유닛을 클래스 A 주식으로 전환하고, 사전에 계획된 Rule 10b5-1 계획에 따라 동일한 수량을 $325-$327에 즉시 매각했다고 Form 4를 통해 공시했습니다. 이로 인해 약 1,800만 달러의 수익을 창출했습니다.

교환을 위해 동등한 수의 클래스 B 주식이 취소되었습니다. 거래 후 Garcia는 직접 3,684만 클래스 B 주식과 4,605만 클래스 A 상당 유닛을 (개인 및 ECG II SPE, LLC를 통해) 보유하고 있으나, 직접 보유한 클래스 A 주식은 없습니다.

  • 이번 매각은 Garcia의 경제적 지분의 1% 미만으로, 의결권 통제에는 변화가 없습니다.
  • 회사 현금 유출이나 공공 주주에 대한 희석 효과는 없으며, 매각된 주식은 이미 유통 주식의 일부였습니다.

Carvana (NYSE:CVNA) a déposé un formulaire 4 révélant que Ernest C. Garcia II, propriétaire de 10%, a converti 54 971 unités de Classe A en actions de Classe A les 24 et 25 juin 2025, puis les a immédiatement vendues en même quantité à 325-327 $ dans le cadre d’un plan préétabli selon la règle 10b5-1, générant environ 18 millions de dollars de recettes.

Pour effectuer cet échange, un nombre équivalent d’actions de Classe B a été annulé. Après ces transactions, Garcia détient directement 36,84 millions d’actions de Classe B et 46,05 millions d’unités équivalentes de Classe A (en personne et via ECG II SPE, LLC), mais aucune action de Classe A directement.

  • Cette vente représente bien moins de 1 % de l’intérêt économique de Garcia, sans modifier le contrôle des droits de vote.
  • Aucun décaissement pour la société ni dilution pour les actionnaires publics ; les actions vendues faisaient déjà partie du flottant.

Carvana (NYSE:CVNA) reichte ein Formular 4 ein, das offenlegt, dass der 10%-Eigentümer Ernest C. Garcia II am 24.-25. Juni 2025 54.971 Class A Einheiten in Class A Aktien umwandelte und diese unmittelbar im Rahmen eines vorab geplanten Rule 10b5-1 Plans zum Preis von 325-327 USD verkaufte, wodurch er etwa 18 Millionen USD Erlös erzielte.

Zur Durchführung des Austauschs wurde eine entsprechende Anzahl von Class B Aktien storniert. Nach den Transaktionen hält Garcia direkt 36,84 Mio. Class B Aktien und 46,05 Mio. Class A-äquivalente Einheiten (persönlich und über ECG II SPE, LLC), jedoch keine Class A Aktien direkt.

  • Der Verkauf entspricht deutlich weniger als 1% von Garcias wirtschaftlichem Interesse und ändert die Stimmrechtskontrolle nicht.
  • Es gibt keinen Mittelabfluss für das Unternehmen und keine Verwässerung für die öffentlichen Aktionäre; die verkauften Aktien waren bereits Teil des Streubesitzes.
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
GARCIA ERNEST C. II
(Last) (First) (Middle)
1720 W. RIO SALADO PARKWAY
SUITE A
(Street)
TEMPE AZ 85281
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
CARVANA CO. [ CVNA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Common Stock 06/24/2025 C 50,000 A (1) 50,000 D
Class A Common Stock 06/24/2025 S(2) 33,265 D $325.4713(3) 16,735 D
Class A Common Stock 06/24/2025 S(2) 16,202 D $326.4543(3) 533 D
Class A Common Stock 06/24/2025 S(2) 533 D $327.1244(3) 0 D
Class A Common Stock 06/25/2025 C 4,971 A (1) 4,971 D
Class A Common Stock 06/25/2025 S(2) 4,971 D $325.1499(4) 0 D
Class B Common Stock 06/24/2025 J 50,000 D (5) 36,842,317 D
Class B Common Stock 06/25/2025 J 4,971 D (5) 36,837,346 D
Class B Common Stock 8,000,000 I ECG II SPE, LLC(6)
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Class A Units (1) 06/24/2025 C 62,500 (1) (1) Class A Common Stock 50,000 $0 46,052,895 D
Class A Units (1) 06/25/2025 C 6,214 (1) (1) Class A Common Stock 4,971 $0 46,046,681 D
Class A Units $0 (7) (7) Class A Common Stock 10,000,000 10,000,000 I ECG II SPE, LLC
1. Name and Address of Reporting Person*
GARCIA ERNEST C. II
(Last) (First) (Middle)
1720 W. RIO SALADO PARKWAY
SUITE A
(Street)
TEMPE AZ 85281
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
ECG II SPE, LLC
(Last) (First) (Middle)
1720 W. RIO SALADO PARKWAY
SUITE A
(Street)
TEMPE AZ 85281
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. Reflects the conversion of Class A Common Units ("Class A Units") of Carvana Group, LLC ("Carvana Group") owned directly by Ernest C. Garcia II into shares of Class A Common Stock ("Class A Shares") of the Issuer pursuant to the Exchange Agreement, dated April 27, 2017, by and among the Issuer, Carvana Co. Sub LLC, Carvana Group and the members of Carvana Group (the "Exchange Agreement").
2. The sales reported on this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by Ernest C. Garcia II and Elizabeth Joanne Garcia on December 13, 2024.
3. The prices reported in Column 4 are weighted average prices. These shares were sold in multiple transactions at prices ranging from $325.00-$325.99, inclusive (weighted average of $325.4713); $326.00-$326.995, inclusive (weighted average of $326.4543); and $327.00-$327.22, inclusive (weighted average of $327.1244), respectively. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.
4. The price reported in Column 4 is a weighted average price. The shares were sold in multiple transactions at prices ranging from $325.00-$325.61. The reporting person undertakes to provide to the issuer or to the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein.
5. Reflects the cancellation for no consideration of Class B Common Stock of the Issuer ("Class B Shares") in connection with the conversion of Class A Units into Class A Shares. Following the reported transaction, the remaining Class B Shares are owned directly by Ernest C. Garcia II.
6. These Class B Shares are owned directly by ECG II SPE, LLC ("E-SPE"), an entity which Mr. Garcia wholly owns and controls.
7. These Class A Units are owned directly by E-SPE and are exchangeable for 0.8 Class A Shares pursuant to the Exchange Agreement.
/s/ Ernest C. Garcia II 06/26/2025
/s/ Ernest C. Garcia II, ECG II SPE, LLC 06/26/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

How many CVNA shares did Ernest Garcia II sell in June 2025?

He disposed of 54,971 Class A shares on 24-25 Jun 2025.

At what prices were the CVNA insider sales executed?

Weighted-average sale prices ranged from $325.15 to $327.12 per share.

Was the June 2025 CVNA insider sale made under a Rule 10b5-1 plan?

Yes, the Form 4 states the trades were executed pursuant to a Rule 10b5-1 plan adopted on 13 Dec 2024.

How many CVNA shares does Ernest Garcia II still beneficially own after the sale?

He retains 36.84 M Class B shares and 46.05 M Class A-equivalent units, but no Class A shares directly.

Did the June 2025 CVNA insider transactions create new dilution for shareholders?

No, the exchange converted existing units and cancelled an equal number of Class B shares, resulting in no new share issuance.
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Carvana

NYSE:CVNA

CVNA Rankings

#321 Ranked by Market Cap
N/A Ranked by Dividends

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CVNA Latest SEC Filings

Jun 27, 2025
[Form 4] Carvana Co. Insider Trading Activity
Jun 25, 2025
[Form 4] Carvana Co. Insider Trading Activity
Jun 23, 2025
[Form 4] Carvana Co. Insider Trading Activity

CVNA Stock Data

43.19B
131.23M
1.42%
94.21%
6.9%
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